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British Pound/Canadian Dollar

GBPCAD 4 HOUR LONG

Good opportunity to get in long on this pullback as the resistance turned support lines up with the trendline. Wednesday is an important day for GBP because the average hourly earnings data will be coming out and the BOE said they.ll be concentrating on this data and this will determine weather or not they are gonna hike rates within 12 months. Labour data has been good recently so im confident the data will come out better than expected. This is a great opportunity to get in ahead of Wednesday

LONDON, June 29 (Reuters) - The pound rallied on Friday to a two-day high after a better-than-expected revision to Britain's first-quarter economic growth raised hopes of monetary policy tightening in the coming months.

Adding to the bounce, the European Union's chief negotiator Michel Barnier said that EU leaders had made progress in Brexit talks, though "huge" differences remained.The British economy grew 0.2 percent in the January to March quarter, against a preliminary number of 0.1 percent, providing some ammunition to a hawkish Bank of England.The data also showed Britain's services sector gathered steam in April, raising expectations of a second-quarter pick-up after a sluggish start to 2018 that has stopped the Bank of England raising interest rates so far this year."You could argue that the fact the GDP number is stronger plays into the hand of the Bank of England hawks," said Jane Foley, an analyst at Rabobank. "That said, it still a weak figure. The room for celebration could be limited unless we get strong data for Q2."Market expectations for an August rate rise grew to 60 percent after Friday's data release from 50 percent earlier this week.With momentum in Britain's economy still fragile and uncertainty over Britain's future relationship with the European Union, most traders remain cautious about the prospect of rate hikes and the pound.

The EU issued British Prime Minister Theresa May a final Brexit warning on Friday - put your cards on the table, offer ways to overcome "huge" differences and prevent Britain from crashing out of the bloc without a deal.But expectations of progress towards an actual post-departure deal have now been pushed back to October.The British economy performed relatively poorly in the first quarter after cold weather hit retail demand and the construction industry.After a bruising week and month for sterling as worries about the lack of progress in Brexit talks and weakness in the British economy hit the currency, the pound rallied to $1.3153 on Friday, up 0.6 percent on the day.Before the data it was trading at $1.3114, off the 7-1/2 month lows of $1.3050 hit earlier this week.Against a euro buoyed by European Union leaders agreeing a deal on migration, the pound recovered its earlier losses and traded flat at 88.425 pence per euro.British gilt futures fell 26 ticks to 122.74 after the data. (Reporting by Tommy Wilkes; additional reporting by Alistair Smout; Editing by Mark Heinrich)

TORONTO, June 29 (Reuters) - The Canadian dollar strengthened to a 10-day high against its U.S. counterpart on Friday after a surprise expansion of the domestic economy in April raised expectations for a Bank of Canada interest rate hike next month. The Canadian economy grew by 0.1 percent in April, even though bad weather affected major sectors such as retail trade and construction, Statistics Canada data indicated. Analysts had predicted no change from March. "Good enough data, the bank should hike," said Greg Anderson, global head of foreign exchange strategy in New York at BMO Capital Markets. Chances of an interest rate hike at the July 11 announcement jumped to more than 80 percent from 67 percent before the data, the overnight index swaps market indicated. At 9:12 a.m. EDT (1312 GMT), the Canadian dollar was trading 0.4 percent higher at C$1.3200 to the greenback, or 75.76 U.S. cents, its strongest since June 19. Month-end and quarter-end trading could support the loonie due to the counter-trend nature of those flows, Anderson said. For the quarter, the loonie is on track to fall 2.3 percent. Investors will also be paying close attention to the Bank of Canada Business Outlook Survey, due for release at 10:30 a.m. EDT (1430 GMT). The price of oil, one of Canada's major exports, held near 3-1/2 year highs as U.S. sanctions against Iran threatened to remove a substantial volume of crude oil from world markets at a time of rising global demand.U.S. crude oil futures rose 0.3 percent to $73.66 abarrel. Canadian government bond prices were lower across a flatteryield curve, with the 10-year falling 19 Canadiancents to yield 2.155 percent. The 10-year yield touched its highest intraday since June 22 at 2.164 percent.(Reporting by Fergal Smith; Editing by Bernadette Baum)

According to the latest Reuters poll of around 70 foreign exchange strategists, the outlook for the British pound looks more upbeat after the UK departs from the European Union in March 2019.

Key Findings:

“While there may be volatility in between, the median forecast in the wider poll of around 70 strategists taken this week was for it to have moved little from there in three and six months.

In a year from now a pound will be worth more, $1.39. While that is just a touch weaker than the $1.41 predicted in June it is well below a recent high above $1.43, and nearly 10 cents below where it was just before the referendum result over two years ago.

Against the euro, the pound will barely move, the poll predicted. On Thursday a euro EURGBP was worth 88.2 pence and in a year’s time it will get you 88.0p.”